ANNUAL REPORT AND FINANCIAL STATEMENTS 2025 **Saving and changing children’s lives**
## **President**
Field Marshal The Lord Guthrie GCB LVO OBE DL (deceased)
## **Vice Presidents**
Phil Hodkinson Stephen May Richard Price The Duchess of Northumberland
## **Trustees**
## **Chair**
Luke Bordewich
## **Honorary Treasurer**
Richard Wild
Professor David Edwards MA MBBS DSc MRCR FRCP FRCPCH FMed Sci
Clare Ferguson Kathy Harvey (retired 19 January 2026) Karen Last Bhavin Patel (appointed 1 January 2025) Professor David Rowitch MD PhD ScD (retired 27 November 2025) Professor Stephanie Schorge PhD Richard Stoneham-Buck
## **Charity Management**
**Chief Executive** Julie Buckler (retired 31 March 2026) **Director of Finance/Company Secretary**
Kabba Njie **Director of Fundraising** Lewis Coghlin **Director of Research** Dr Sarah Wagstaffe-Jones **Director of Communications** Sarah Moss
## **Principal Advisers**
## **Auditors**
Buzzacott Audit LLP 130 Wood Street London EC2V 6DL
## **Bankers**
National Westminster Bank PLC Westminster Branch PO Box 3038 57 Victoria Street London SW1H 0HN
## **Investment Managers**
Ruffer LLP 80 Victoria Street London SW1E 5JL
## **Solicitors**
Withers LLP 20 Old Bailey London EC4M 7AN
**Company registration no.** 549089 (England and Wales)
**Charity registration nos.** 208701 and SC039284
## **Registered office**
5th Floor 167-169 Great Portland Street London W1W 5PF
T 01403 210406 E info@action.org.uk action.org.uk
## Action Medical Research Report of the trustees for the year ended 31 December 2025
Action Medical Research (company number 549089) is a charity whose objects are to promote research into the prevention, management and cure of disabling diseases and conditions.
This report covers the work of Action Medical Research for the 12 months to 31 December 2025.
The trustees’ report and financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102).
## About Action Medical Research
We remain today dedicated to funding a broad range of high-quality medical research to help babies, children and young people. With hundreds of thousands of children all around the UK who desperately need help, we continue our mission to save and change lives through cutting-edge medical research. We make a difference by preventing infections; targeting rare diseases; tackling premature birth and pregnancy complications and developing treatments for sick and vulnerable babies; and helping children affected by disabilities and disabling conditions.
Action Medical Research is committed to fighting for answers that can lead to medical breakthroughs, treatments and cures for some of the toughest fights faced by children and their families.
We are the leading UK-wide charity dedicated to saving and changing children’s lives through medical research and proud to have funded over £140m of medical research (over £379m in today’s terms) since we began in 1952. This has led to successes that include:
- Helping to develop the first polio vaccines in the UK.
We fund medical research at leading research institutions across the UK recommended by our expert Scientific Advisory Panel. We develop partnerships with other charities to move research forward. We assess the success and impact of the research we fund and we share the results. We work hard to raise funds, to make vital research possible.
- Discovering the importance of taking folic acid before and during pregnancy to prevent spina bifida.
- Developing the use of ultrasound technology in pregnancy.
- Testing the rubella vaccine.
- Helping to develop the Hib meningitis vaccine, now a routine immunisation for young children.
To fund vital research we are dependent on voluntary income, raised through our fundraising. We are extremely grateful to our supporters, staff, volunteers, committees, families, researchers and expert advisers, who together work so hard to save and change children’s lives.
- Pioneering a unique portable fetal heart rate monitor.
- Contributing to the development of groundbreaking cooling therapy to prevent brain damage in babies.
- Funding research to reduce stillbirth which led to new advice for pregnant women to go to sleep on their side, rather than their back, in the third trimester of pregnancy.
- Helping to bring dedicated eye services to children in special schools across the UK.
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Action Medical Research Report of the trustees for the year ended 31 December 2025
Action Medical Research Report of the trustees for the year ended 31 December 2025
## Strategic report for 2025
## Our achievements and performance in 2025
At Action Medical Research we fund world-class medical research to help save and change the lives of babies, children and young people.
This research is led by researchers and doctors in NHS hospitals, universities and specialist units across the UK and is identified through our rigorous, open-competition peer review process meeting the best practice of the Association of Medical Research Charities, of which we are a founder member. We assess our performance through the amount and quality of research we fund and its impact over time.
Despite challenges within the economic environment, in 2025 we successfully awarded 15 new medical research grants, committing £3.006m (2024 £3.080m) to vital new projects. We currently have over £11m invested in the work of over 200 top researchers, working on around 50 research projects. More information on these can be found on our website action.org.uk
Our 15 new research grants in 2025 covered a range of conditions affecting children including preterm birth, cystic fibrosis, sight loss in children, brain injury at birth, life-threatening respiratory viral infections and T-cell acute lymphoblastic leukaemia.
We also awarded three new Fellowships researching: pain assessment in babies to support their care after surgery; spine fractures in young people with Duchenne muscular dystrophy; and Rasmussen’s encephalitis, a rare brain inflammation in children. To date our Fellowships have funded the development of 192 future research leaders. We are proud that some of today’s leading researchers were former Action Medical Research Fellows. These include Professor Bobby Gaspar, who helped deliver Great Ormond Street Hospital for Children’s pioneering gene therapy programme, and Professor Sir Andrew Pollard, now director of the Oxford Vaccine Group who led the trial to test the Oxford/AstraZeneca COVID-19 vaccine.
Our work together with other organisations in 2025 included funding research awards in partnership with Borne, the British Paediatric Neurology Association and Cystic Fibrosis Trust.
Our fundraising continued adapting to the changing environment and we continued to assess how best to fund and deliver our income generation over time to enable the charity to support more new medical research. Together our supporters, staff, volunteers, and researchers made possible a successful year in demanding circumstances. Our sincere thanks go to everyone who contributed to Action Medical Research in 2025.
We were successful in managing our income, expenditure and investments to maintain a robust financial position and reserves.
At the year end, we were very pleased to have achieved £7.823m total income. Despite the ongoing uncertainty in the external macroeconomic environment, we move into 2026 with strong confidence in the charity, our purpose and our ability to fund further research.
## Financial review
In 2025 we funded 15 new medical research projects to help children. Our total income was £7.823m (2024 £8.181m) with total expenditure of £9.297m (2024 £8.633m). Our voluntary income was £7.422m (2024 £7.136m). We spent £4.322m on medical research grants and dissemination (2024 £4.235m).
Total funds at the end of the year were £6.699m (2024 £7.125m), a decrease of £0.426m (2024 £0.763m decrease), with total net gains on investments during 2025 of £1.049m (2024 £0.311m losses).
At 31 December 2025 in addition to tangible fixed asset and investment holdings and long-term grant commitments, the charity had net current liabilities of £3.934m (2024 £2.958m). The trustees do not anticipate that this financial position will require a considerable drawdown from the investment portfolio in 2026 given that these short-term grant commitments will be partly met from future income and, although technically falling due within one year, some are likely to be paid after the 2026 financial year.
## The public benefit and impact of our work
The trustees have referred to the Charity Commission’s guidance on public benefit in relation to the charity’s aims and objectives. The trustees consider it important to demonstrate the medical progress being made to supporters and others who are interested in our work.
The outcomes of the research we fund are published in peer-reviewed journals and presented at national and international meetings of researchers and we share news of progress with our supporters.
We evaluate the impact of our research funding over time and in 2025 reviewed the effect of £199,207 awarded in 2013 to fund research into amblyopia, led by Dr Frank Proudlock at Leicester Royal Infirmary, University of Leicester. Amblyopia, often called lazy eye, is a common condition linked to vision problems in children, with up to 1 in 20 children in the UK affected. The researchers wanted to understand better how long children should wear glasses before introducing patching and whether outcomes varied from child to child, depending on the underlying cause of the vision problem.
The research involved the first ever randomised controlled trial comparing extended glasses wearing and then patching against simply patching earlier in treatment, recruiting over 300 children across 30 hospitals in the UK and Europe. Robust evidence was generated for a more personalised approach to treatment. Most children with lazy eye benefit from earlier eye patching, but younger children with milder symptoms achieved improvements with extended treatment with glasses prior to patching. The researchers have since published a suggested personalised treatment approach and are now looking to embed their recommendations into clinical guidance for the treatment of lazy eye so that children around the world can benefit from this breakthrough in understanding.
A second new report in 2025 considered the effect of £186,972 awarded in 2009 to fund research led by Professor Adrian Bird at the Wellcome Trust Centre at the University of Edinburgh searching for new treatments for Rett syndrome. This rare neurological condition mainly
affects girls and is linked to a gene important for brain function. Symptoms start six to eighteen months after birth, with children eventually struggling with communication, movement and memory. Some also experience seizures, and sadly, many will ultimately rely on 24-hour care for the rest of their lives. Unfortunately, there are limited treatment options and no cure.
The research explored the potential of gene therapy to treat Rett syndrome using viral vectors to deliver a correct version of the affected gene into brain cells. Initial results provided proof of principle that genetic therapy could work for Rett syndrome.
Applying their learning about the use of viruses for gene delivery, the researchers went on in 2017 to show that inserting a shorter version of the gene in a Rett syndrome model was as effective as the full-length gene in reversing symptoms. Excitingly, the first clinical trials of gene therapies for Rett syndrome were launched by Taysha Therapeutics in 2023, one adopting the mini-gene approach pioneered by the Edinburgh team. Initial trial results show promising improvements in communication and motor skills, including walking, as well as stabilisation of seizures, and this may offer hope for children affected by Rett syndrome.
Other exciting progress in 2025 included the development of a rapid test for inflammatory bowel disease (IBD) to help improve diagnosis and guide doctors in selecting the best treatment for each child.
Around 500,000 people in the UK are living with IBD, including both Crohn’s disease (CD) and ulcerative colitis (UC), with up to one in five patients diagnosed in childhood. This lifelong condition involves inflammation of the digestive system, leading to symptoms including pain, bleeding and diarrhoea. There is no cure and treatment includes powerful anti-inflammatory drugs and surgery. IBD is most commonly diagnosed by passing a camera on a tube into the intestines (endoscopy) which, in children, is usually carried out in hospital under a general anaesthetic.
In 2021 Action awarded £200,000 to fund research led by Professor Jack Satsangi at the University of Oxford. In this study researchers confirmed specific markers in the blood which can diagnose IBD in children very accurately. Using these markers,
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Action Medical Research Report of the trustees for the year ended 31 December 2025
Action Medical Research Report of the trustees for the year ended 31 December 2025
doctors can identify children who need more intensive medical or surgical treatment after diagnosis, from those who do not. As a result of this research, a rapid blood test is being developed with input from Oxford Nanopore Technology, a DNA sequencing specialist company that has been spun out of the University of Oxford.
In further important progress, with Action Medical Research funding, a biosensor device has been developed to detect human cytomegalovirus (HCMV) in babies. An estimated 1 in 300 babies are born with cytomegalovirus (CMV) and most will not have any symptoms, but as a result of this infection around two to three babies born every day in the UK will develop permanent disabilities, such as hearing loss. Early detection of CMV and prompt effective treatment is essential to help improve outcomes, as symptoms often appear only months or years after birth, when interventions are less effective.
In 2023 Action awarded £56,828 to fund research led by Professor Vincent Teng at Swansea University which enabled the researchers to develop and optimise the manufacturing and functioning processes of the HCMV biosensor (which is printed), to ensure it can be mass-produced at low-cost, with excellent performance. They demonstrated that the biosensor can successfully detect HCMV much better than the current best-in-class tests. Following the success of this research, the technology is a step closer to providing an affordable and practical large-scale screening method for newborn babies with congenital HCMV. In the future, the technology can be adapted for other infectious diseases.
In another key development Action funding has helped initiate global research to support the development of digital and physical exercise programmes for young people with long-term conditions and disabilities.
Around 30,000 children and young people in the UK have cerebral palsy, facing lifelong difficulties with movement and coordination, which can mean children spend long periods of time sitting down. In 2017, Action together with the Chartered Society of Physiotherapy Charitable Trust awarded £144,436 to fund research led by Professor Helen Dawes at Oxford Brookes University and latterly the University of Exeter investigating the potential benefits of different classroom-based exercise programmes for children with cerebral palsy.
This pilot study was an important first step
towards proving that scheduling regular breaks in the school day for physical activity sessions could have wide-ranging benefits, improving children’s academic performance, strength, mobility and their overall health and wellbeing. This study has now led to changes in practice and the development of novel inventions to improve the lives of thousands of children across the world. Over the next five years, artificial intelligence (AI)-driven exercise programs will be developed for the NHS, combining tailored exercise advice alongside interventions to support young people with disabilities and long-term health conditions. In the longer term the aim is to use everyday devices repurposed from cycle trainers, to expand activity to wheelchair users that will be accessible around the world.
We are pleased that these examples add to the exciting progress made though Action’s long-standing record of success during more than 70 years of funding medical research.
## Communicating our work
We share information about the research we fund to help babies, children and young people as well as the results from this research. This includes through our website, emails, social media channels, blogs, printed materials and via the mainstream and specialist press.
In 2025 we generated 245 pieces of coverage with a potential reach 4.6 billion people. Our research and fundraising activities featured in a range of national media including _BBC News, Daily Mirror, Daily Mail,_ women’s magazines _Take a Break_ and _Chat_ , as well as various regional media including a wide range of regional BBC radio channels _, The Brighton Argus, Sussex Express, Newcastle Chronicle Live_ and _Sunday Sun, Kentish Express_ and the _East Kent Mercury Series,_ as well as a range of scientific media such as _The British Medical Journal_ and _Research Professional News._
We communicated with supporters through our magazines and regular bi-monthly e-newsletters. Our social media content was displayed to people 489,958 times and our followers on our @actionmedres social media platforms stayed steady at 23,790. We had 604,251 sessions to our website with 11,805 sessions to our news pages and 5,072 sessions to our blogs pages.
## How we raised money
At £7.422m, the charity’s fundraising income increased by £0.286m from that raised in 2024. Everyone at Action Medical Research is grateful to all the individuals, trusts, foundations and companies who have supported us this year.
We received just over £650,000 from trusts and foundations, vital and low-cost income helping to fund our research programme, with those donor partners receiving high quality feedback on the progress of the specific medical research projects that they are supporting.
Over £500,000 was raised by our volunteerdelivered social events programme, including:
- the Aberdeen and Glasgow Killer Heels and Cocktails events;
- our gala dinner celebrations of cycling and motorsport in London and Belfast respectively;
- two events hosted by Davina McCall, the charity’s incredible ambassador;
- the DIVA lunch delivered by our East Coker fundraising committee; and
- the Fingest Opera which is organised by wonderful volunteers in Oxfordshire.
We are grateful to the many loyal and selfless volunteers who give up so much time for the charity. We extend our thanks to Apiary Capital, Argenta Group, Ascot Group, Aspen Insurance, BDO, BGC Brokers, Brett Group, Brit Insurance, Cencora Alliance Healthcare, Chaucer PLC, Day Group, DMH Stallard, Erdinger, Everest Re, Garmin, The Gingerman Group, Ki, Liberty Specialty Markets, Lloyd’s of London, Lockton, Maylim, Milton Damerel Trust, Next, OSO Foundation, Peak Scientific, Scor, TSML, Verisk and a diverse array of other companies and generous individuals.
We established new partnerships with Cleveland Clinic London, JS Held, Stortford Interiors and TAM Asset Management and in a remarkable achievement, our collaboration with The Big Give during the matched funding week in December resulted in our highest ever total of £167,000 raised, helped significantly by the generous support of our donors. We also received £20,000 from Christmas card sales by Helpcards Ltd.
Income from monthly givers increased once again, in line with the charity’s successful investment in growing the number of supporters who help and regularly give in this way. We worked with professional fundraising agencies to recruit new monthly givers in shopping centres and town centres and through door-to-door fundraising, as it is more effective than using our own staff or volunteers. To ensure the fundraising is carried out in a compliant way, our staff team helps deliver training, monitors the activity through regular ‘mystery shopping’ and works closely with the agency to ensure any complaints are dealt with appropriately. All agency staff representing the charity are required to comply with the Fundraising Regulator’s Code of Fundraising Practice and adhere to the Chartered Institute of Fundraising guidance on treating donors fairly, with its focus on protecting vulnerable people.
Some 4,000 participants raised money for Action Medical Research through our programme of cycling events, with five one-day sportives in the UK, two corporate ‘ride outs’, a trip from London to Paris and no fewer than five European industry networking events, two of which spectacularly exceeded targets: the Raptor networking ride for the insurance industry; and the ‘Badgers’ ride which last year took place in the Rhone Alps.
Around £200,000 was raised by our fantastic London Marathon runners. Of the other challenge events offered by the charity, our Race the Sun series grew again, and we grossed over £1 million from seven events in iconic locations throughout the UK. Our new event at Cheddar Gorge proved particularly popular. Our stair-climbing challenge, Climb the Capital enjoyed good growth in its second year.
Gifts in wills make a crucial, cost-effective contribution to our fundraising income and we are very grateful to those who make the decision to include us in their will.
We received a total of 15 complaints about our fundraising in 2025. We had three requests from members of the public, via the Fundraising Preference Service, to be suppressed from future communications from the charity.
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Action Medical Research Report of the trustees for the year ended 31 December 2025
Action Medical Research Report of the trustees for the year ended 31 December 2025
## Where we are going
Our core purpose and strategy is to fund medical research to help babies, children and young people. With the importance and need for medical research remaining very evident, we are committed to funding high-quality research most likely to make a difference to children using our rigorous peer review process. Our plan is to continue to use this strength to fund more children’s research, including by working in partnership with other charities. It remains very important to the charity to show the impact being delivered through our funding and to share this.
Plans moving forward for the charity include further development of our fundraising across a range of income streams to fund more vital research to help children and to address our key financial risk, which is common to most charities, of maintaining voluntary income. We will continue to adapt flexibly and consider the effects of the economic environment for our charity and work.
## How we are governed
The charity was formed in 1952 and is registered as a charity in England and Wales number 208701 and in Scotland number SC039284. Its governing instruments are the Memorandum and Articles of Association which were adopted on 10 July 1996, and amended on 12 July 2000, 2 July 2003, 30 October 2007 and 17 June 2022. Action Medical Research is incorporated under the Companies Act 2006 as a company limited by guarantee having no share capital. For the purpose of this Act, the Chair and other trustees (none of whom receive any remuneration) are the directors of the company. A full list of trustees, together with the charity’s registered office, key management and advisers, is shown on the inside front cover of these financial statements.
On 31 December 2025 there were nine trustees. Each year one third of the trustees retire or are eligible for re-election in accordance with the Memorandum and Articles of Association. The normal maximum tenure of trustees is nine years. In 2025 we were sorry to say goodbye to Professor David Rowitch as a trustee and pleased to welcome Bhavin Patel to the trustee body. We are also grateful for the contribution of Kathy Harvey who stepped down as a trustee for personal reasons in January 2026.
The council of trustees currently meets at least three times a year and is supported by five advisory panels or sub-committees involving trustees (see inside back cover). All key decisions, including the allocation of charitable funds for research, are made by the trustees in council.
Meetings of the council of trustees regularly address the following:
- the way ahead for the charity in our strategy
- the impact of the work of the charity
- the award of medical research grants
- the financial plan for the current year and further two years
- the lessons learnt from the review of risks
- the governance of the charity including in relation to the Charity Governance Code.
Each year, the experience, skills and diversity needed within the trustee body are reviewed to help the charity deliver its objectives. If gaps are identified or a vacancy occurs, new trustees are sought with the appropriate skills and expertise. Potential trustees are interviewed by a nominating committee, formed for the purpose, and appointments considered by the council and, if agreed, confirmed at the Annual General Meeting. All trustees are given an induction programme when they join and offered opportunities to increase their knowledge and expertise. The trustees regularly review their performance as a board, with a review held in early 2023 and further discussions of effectiveness held in 2024 and 2025.
The Chief Executive is responsible for the management of the charity’s business and for implementing the policies agreed by the trustees. We now operate as a remote charity with home-based staff who deliver the charity’s activities and raise funds around the UK. We are grateful to Julie Buckler, who left the charity in March 2026, for her work as Chief Executive over the past 17 years.
The charity has adopted the Charity Governance Code for larger charities which asks charities to apply the recommended practices set out in the code or to explain why such practices have not been applied. The trustees believe that we have substantively applied the Code’s recommended practices in all respects save the following.
We discuss and review the effectiveness of the trustee board each year as well as having mechanisms in place to raise and address issues as they arise. To date these reviews have been conducted internally in an open and transparent manner, led by the Chair and supported by the Honorary Treasurer in respect of the Chair’s performance. While the Code recommends an external review of board effectiveness, we believe that the approach taken is appropriate for a charity of our size and nature, given the cost and time needed to commission an external evaluation, which our trustees have agreed should remain an option if important issues arise that warrant it.
## Statement of trustees’ responsibilities
The trustees (who are also directors of Action Medical Research for the purposes of company law) are responsible for preparing the report of the trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs and of the income and expenditure of the charitable company for that period.
In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently
- observe the methods and principles in the Statement of Recommended Practice (Accounting and Reporting by Charities) (the Charities’ SORP FRS 102)
- make judgments and estimates that are reasonable and prudent
- state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements – and
- prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.
The trustees are responsible for keeping adequate
accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of accounts may differ from legislation in other jurisdictions.
Each of the trustees confirms that:
- so far as the trustee is aware, there is no relevant audit information of which the charitable company’s auditor is unaware – and
- the trustee has taken all the steps that they ought to have taken as a trustee in order to make themselves aware of any relevant audit information and to establish that the charitable company’s auditor is aware of that information.
This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.
## Trading
Trustees decided in the interests of simplification to close the dormant subsidiary company, Action Medical Research (Trading) Limited, with effect from 1 January 2025 but deregistered by the Companies House in August 2025.
## Risk management
The trustees consider that the charity has an effective continuous risk management mechanism. Risk management is considered by the Risk Management Committee and at each council meeting. A risk register is maintained assessing the likelihood and potential impact of all major risks, including key financial risks, and is reviewed by management, the Risk Management Committee and council. The trustees are satisfied that the correct processes are in place to identify the
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Action Medical Research Report of the trustees for the year ended 31 December 2025
Action Medical Research Report of the trustees for the year ended 31 December 2025
major risks to which the charity is exposed and that, in so far as is possible, systems are in place to manage them.
Throughout 2025 the trustees continued to assess, monitor and respond to risks. The major risks identified relate to maintaining voluntary income and the performance of invested funds which, in combination, ultimately determine the level of new research grants that can be awarded. The charity’s strategy is based on a broad range of fundraising channels and active development of further streams to manage income risks. Investments are overseen by our Investment and Audit Committee with extensive investment management experience which considers reports at each meeting. In addition, the charity continues to address actively issues of cybersecurity and to develop our technology systems.
## Staff management
The charity has committed, hard-working and talented staff. The plan and budget approved by the trustees each year allocates resources to train and develop staff in those skills needed to meet the charity’s needs.
In 2025, our average head count was 52 (2024 51), full-time equivalent 42 (2024 42).
Trustees define key management personnel as the Chief Executive and Directors of Research, Communications, Fundraising and Finance shown on the inside front cover of this report. In 2025 the total remuneration of this group was £438,558 (2024 £455,825). The pay of all staff, including key management personnel, is reviewed annually and considered by a sub-committee of the Board of trustees that includes the Chair and Honorary Treasurer. Any increase relating to cost of living may take into consideration external factors as well as the charity’s financial position and the economic environment, and market rate reviews are also undertaken.
## Investments
In 2025 the charity withdrew £700k from its investments (2024 withdrew a net of £nil). After accounting for unrealised capital gains and excluding longer-term fixed deposit holdings, the value of investments closed the year at £11.016m (2024 £10.473m). These investments are held
to ensure that the charity is able to meet its grant liabilities and as part of the free reserves of the charity.
The charity has a risk averse investment policy, with the trustees’ first priority being to preserve capital in order to meet existing and future research grant commitments. The Investment & Audit Committee, a sub-committee of the Board of trustees, continues to keep under review the charity’s investment strategy and, in coordination with our Investment Managers Ruffer LLP, explore ways of implementing investment strategies that minimise the risk of capital loss. The Committee will continue to review the allocation of the investment portfolio to ensure it remains appropriate for the charity’s funding plans.
In 2025 Ruffer LLP managed the investment portfolio for the charity on a discretionary basis, which followed strict guidelines in line with the charity’s investment policy. The portfolio integrates into Ruffer’s Charity Asset Trust, which includes an ethical investment exclusion policy that accords with the charity’s purpose and values. This policy includes a restriction relating to tobacco (defined as companies that derive more than 10% of their revenue from tobacco-related business activities). It also includes any company which manufactures cluster munition systems, manufactures landmines; is involved in the production of depleted uranium weapons, ammunition or armour, and manufactures biological or chemical weapons systems; and further restrictions on companies deriving revenue from weapons systems, civilian firearms and ammunition, alcohol, gambling, adult entertainment, oil sands and thermal coal, and high-interest lending.
The investments were managed in a globally diversified portfolio with the objectives of both preserving capital and achieving an absolute return in excess of at least twice the Bank of England base rate in any twelve-month period after all expenses. In pursuit of these objectives, the charity’s investments are held in a pooled investment fund. In 2025 the portfolio achieved a positive return of 10.0% net of fees (2024 a negative return of 1.9%) and thus the trustees consider that these investment objectives were met in the past year.
The trustees continue to monitor the situation closely to ensure the charity’s ability to realise assets from the portfolio as and when required to fulfil its current and future commitments.
## General funds
General funds (free reserves including investment gains and losses and excluding tangible fixed assets) are held by the charity to ensure that there are sufficient funds to cover our short-term working capital requirements as well as provide resilience against financial shocks. On 31 December 2025, the charity’s free reserves stood at £4.564m (2024 £4.906m).
The trustees review their reserves policy annually, in 2025 continuing a dynamic policy to enable the charity to cope in the face of a range of unlikely but plausible downside events including circumstances that might lead to a significant temporary reduction in fundraising income. Based on its financial modelling, the charity has determined that general funds of £3.3m (2024 £3.7m) should be held, which was exceeded at the year end due to better than expected performance from our investment portfolio. The amount has decreased on prior year following reassessment of short-term working capital.
Our financial modelling indicates a steady increase to our income, building from relatively strong performance this year, but also factoring the impact of current macro-economic challenges. A check on the charity’s financial position and medium-term projections indicate that the charity would be able to continue delivering on its objectives and fulfil commitments as they fall due. Not withstanding the uncertainty from the current economic challenges, given our reserves position we can and do approach 2026 with confidence and have continued to adopt the going concern basis of accounting.
## Designated funds and reserves
Trustees may, at their discretion, and ensuring there is a suitable rationale, set up designated funds and reserves for specific purposes. Designated funds and reserves are part of the unrestricted funds along with general funds.
## Designated funds
Designated funds are those funds set aside for future charitable commitments and expenditure in line with the charity’s purpose.
Trustees took the decision to set up Designated Funds in the context of the uncertain environment. The need for medical research to help children will undoubtedly continue and will evolve and change over time as health needs develop and new opportunities emerge to tackle disease through research. The need will also continue for the charity to develop and adapt, including in relation to available technology. The Designated Funds are to be spent over 10 years on: future new opportunities to develop medical research to help children (£2m); and on future infrastructure development (£93k).
## Designated reserves
Designated reserves are those funds set aside to match the charity’s fixed assets of £42k (2024 £81k) as per the balance sheet. Information relating to changes in tangible fixed assets is given in note 10 to the financial statements.
By order of the council of trustees
Luke Bordewich Chair 29 April 2026
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## Independent auditor’s report to the trustees and members of Action Medical Research
## Opinion
or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
We have audited the financial statements of Action Medical Research (the ‘charitable company’) for the year ended 31 December 2025 which comprise the statement of financial activities, the balance sheet, the statement of cash flows, the principal accounting policies and the notes to the financial statements. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## Other information
The trustees are responsible for the other information. The other information comprises the information included in the annual report and financial statements, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In our opinion, the financial statements:
- give a true and fair view of the state of the charitable company’s affairs as at 31 December 2025 and of its income and expenditure for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
- have been prepared in accordance with the requirements of the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended).
## Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
We have nothing to report in this regard.
## Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the trustees’ report, which is also the directors’ report for the purposes of company law and includes the strategic report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
## Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the accounts is appropriate.
- the trustees’ report, which is also the directors’ report for the purposes of company law and includes the strategic report has been prepared in accordance with applicable legal requirements.
Based on the work we have performed, we have not identified any material uncertainties relating to events
## Matters on which we are required
## to report by exception
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report including the strategic report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and the Charities Accounts (Scotland) Regulations 2006 (as amended) requires us to report to you if, in our opinion:
- proper and adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of trustees’ remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.
## Responsibilities of trustees
As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
## Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
## Independent auditor’s report to the trustees and members of Action Medical Research
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
_How the audit was considered capable of detecting irregularities including fraud_
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- We identified the laws and regulations applicable to the charity through discussions with key management and from our knowledge and experience of the charity sector;
- We focused on specific laws and regulations which we considered may have a direct material effect on the accounts or the activities of the charity. These included but were not limited to the Companies Act 2006, the Charities Act 2011, the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended), Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable to the United Kingdom and Republic of Ireland (FRS 102) (effective 1 January 2019); and
13
11 **3**
**12**
Independent auditor’s report to the trustees and members of Action Medical Research
## Action Medical Research
## Statement of financial activities for the year ended 31 December 2025
- We assessed the extent of compliance with the laws and regulations identified above through making enquiries of key management and review of minutes of Trustees’ meetings.
We assessed the susceptibility of the charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- Their knowledge of actual, suspected and alleged fraud;
- Making enquiries of key management as to where they considered there was susceptibility to fraud, and
- Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
- Performed analytical procedures to identify any unusual or unexpected relationships;
- Tested and reviewed journal entries to identify unusual transactions;
- Tested the authorisation of expenditure;
- Assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
- Investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- Agreeing financial statement disclosures to underlying supporting documentation;
- Reading the minutes of meetings of Trustees; and
- Enquiring of as to actual and potential litigation and claims.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would
become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of key management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
## Use of our report
This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and to the charity’s trustees as a body, in accordance with Section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and Regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Alison Pyle (Senior Statutory Auditor)
For and on behalf of Buzzacott Audit LLP, Statutory Auditor 130 Wood Street London EC2V 6DL
Date: 1 May 2026
## (incorporating an income and expenditure account)
**----- Start of picture text -----**
Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds 2025 funds funds funds 2024
Income from: Note £ £ £ £ £ £
Donations and legacies 3.1 5,894,626 1,527,450 7,422,076 5,706,546 1,429,022 7,135,568
Investments 3.2 400,734 - 400,734 338,648 - 338,648
Charitable activities 3.3 - - - - 706,543 706,543
Total income 6,295,360 1,527,450 7,822,810 6,045,194 2,135,565 8,180,759
Expenditure on:
Raising funds 6.1 4,975,107 - 4,975,107 4,397,558 - 4,397,558
Charitable activities
Grants for medical research 6.2 2,896,819 578,878 3,475,697 2,094,865 1,373,223 3,468,088
Medical research dissemination 6.2 846,657 - 846,657 767,373 - 767,373
Total expenditure on
charitable activities 3,743,476 578,878 4,322,354 2,862,238 1,373,223 4,235,461
Total expenditure 8,718,583 578,878 9,297,461 7,259,796 1,373,223 8,633,019
Net (expenditure)/income
before investments (2,423,223) 948,572 (1,474,651) (1,214,602) 762,342 (452,260)
Net gains on investments 11 1,048,762 - 1,048,762 (311,064) - (311,064)
Net (expenditure)/income
before transfer between funds (1,374,461) 948,572 (425,889) (1,525,666) 762,342 (763,324)
Transfer between funds 9 948,572 (948,572) - 762,342 (762,342) -
- -
Net movement in funds (425,889) (425,889) (763,324) (763,324)
Balances brought forward
- -
at 1 January 7,125,173 7,125,173 7,888,497 7,888,497
Balances carried forward
- -
at 31 December 6,699,284 6,699,284 7,125,173 7,125,173
**----- End of picture text -----**
The notes on pages 18 to 30 form part of the financial statements. All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above.
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## Action Medical Research Balance sheet as at 31 December 2025 (company no. 549089 England and Wales)
||31 December 2025|31 December 2024|
|---|---|---|
|Note|£|£|
|**Fixed assets**|||
|Tangible assets
10|42,075|80,783|
|Investments
11|12,853,584|12,608,812|
||12,895,659|12,689,595|
|**Current assets**|||
|Debtors:
12|||
|Amounts fallingdue within oneyear|1,480,962|1,757,799|
|Amounts fallingdue afer oneyear|231,929|231,569|
|Cash at bank and in hand|703,498|703,799|
||2,416,389|2,693,167|
|**Creditors**|||
|Amounts falling due within one year
13|(6,350,381)|(5,651,369)|
|Netcurrent liabilites|(3,933,992)|(2,958,202)|
|Total assets less current liabilites|8,961,667|9,731,393|
|Creditors|||
|Amounts falling due afer more than one year
13|(2,262,383)|(2,606,220)|
|Total net assets|6,699,284|7,125,173|
|The funds of the charity|||
|Unrestricted funds|||
|General funds
15|4,564,210|4,906,389|
|Designated funds
15|2,135,074|2,218,784|
|Restricted funds
15|-|-|
|Total charity funds|6,699,284|7,125,173|
The notes on pages 18 to 30 form part of the financial statements.
The financial statements were approved and authorised for issue by the trustees on 29 April 2026 and were signed on their behalf by:
Luke Bordewich Chair
Richard Wild Honorary Treasurer
## Action Medical Research Statement of cash flows for the year ended 31 December 2025
**----- Start of picture text -----**
2025 2024
Note £ £
Cash flows from operating activities:
Net cash (used) in operating activities a (1,200,136) (330,472)
Cash flows from investing activities:
Investment income and interest receivable 395,842 338,648
Payments to acquire investments (196,007) (5,876,671)
Payments to acquire tangible fixed assets - (56,156)
Receipts from disposals of investments 1,000,000 5,474,594
Receipts from disposals of tangible fixed assets - -
Net cash used in provided by/(used in) investing activities 1,199,835 (119,585)
Change in cash and cash equivalents in the reporting period (301) (450,057)
Cash and cash equivalents at 1 January 2025 703,799 1,153,856
Cash and cash equivalents at 31 December 2025 b 703,498 703,799
Notes to the statement of cash flows for the year
ended 31 December 2025
a) Reconciliation of net (expenditure)/income to
net cash flows from operating activities
Net (expenditure)/income for the reporting period
(as per the statement of financial activities) (425,889) (763,324)
Adjustments for:
Depreciation charges 38,708 35,384
Investment income and interest receivable (400,734) (338,648)
Losses/(Gains) on investments (1,048,762) 311,064
(Profit) on the sale of fixed assets - -
Grants authorised 3,006,199 3,079,979
Grants paid (2,655,698) (2,331,822)
(Increase)/decrease in debtors 281,366 (306,638)
Increase/(decrease) in non-grant creditors 4,674 (16,466)
Net cash (used in) operating activities (1,200,136) (330,472)
b) Analysis of cash and cash equivalents
Cash at bank and in hand 703,498 703,799
Cash held by investment managers - -
Total cash 703,498 703,799
**----- End of picture text -----**
No separate reconciliation of net debt has been prepared as there is no difference between the net cash (debt) of the charity and the above cash and cash equivalents.
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## Action Medical Research Notes to the financial statements for the year ended 31 December 2025
## b) Assessment of going concern
## 1. Liability of members
The company is limited by guarantee having no share capital and, in accordance with Clause 7 of the Memorandum of Association, every Member, as defined by Clause 2 of the Articles of Association (as amended by Special Resolution passed 10 July 1996), is liable to contribute a sum not exceeding £10 in the event of the charity being wound up while a Member or within one year thereafter. At 31 December 2025 there were 23 Members.
The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these accounts. The trustees have made this assessment in respect to a period of one year from the date of approval of these accounts.
Our financial modelling indicates a steady increase to our income, building from very strong performance this year but also factoring the impact of current macro-economic challenges. A check on the charity’s financial position and medium-term projections indicate that the charity would be able to continue delivering on its objectives and fulfil commitments as they fall due. Notwithstanding the uncertainty from the current economic challenges, given our reserves position we can and do approach 2026 with a degree of confidence and have continued to adopt the going concern basis of accounting.
## 2. Accounting policies
The principal accounting policies adopted adopted, judgements and key sources of estimation uncertainty in the preparation of the accounts are laid out below.
## a) Basis of preparation and comparative information
The financial statements have been prepared for the year to 31 December 2025. Comparative information reflects the financial results for the year ended 31 December 2024.
The charity has sufficient liquid resources to continue as a going concern for the foreseeable future and the trustees believe the charity will be able to meet its liabilities as they fall due for at least twelve months from the date of approval of these financial statements, including sufficient reserves to enable the charity to operate in exceptional circumstances.
The financial statements have been prepared under the historical cost convention with items initially recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these financial statements.
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (Charities FRS 102 SORP 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The trustees of the charity have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The trustees are of the opinion that the charity will have sufficient resources to meet its liabilities as they fall due. The most significant areas of judgement that affect items in the financial statements are detailed below.
The charity constitutes a public benefit entity as defined by FRS 102.
The financial statements are presented in sterling and are rounded to the nearest pound.
## c) Critical accounting estimates and areas of judgement
The most significant areas of adjustment and key assumptions that affect items in the financial statements are in respect to:
- assessing the probability of receiving legacies where the charity has been notified of its entitlement;
- determining the basis for allocating support costs across expenditure classification.
As set out in these accounting policies under going concern, the trustees have concluded that it is appropriate for the charity to continue to prepare its accounts on the going concern basis.
## d) Income recognition
Income is recognised in the period in which the charity has entitlement to the income, the amount of income can be measured reliably and it is probable that the income will be received.
Income comprises donations, legacies, investment income and other income. Income is deferred only when the charity has to fulfil conditions before becoming entitled to it or where the donor or funder has specified that the income is to be expended in a future accounting period.
Grants and donations from government and other agencies and charitable foundations are included as income from activities in furtherance of the charity’s objectives where these relate to a specific project or activity or take the form of a contract for services. Where the money is given in response to an appeal or with greater freedom of use, for example monies for core funding, then the income is classified as a donation.
Donations and grants in respect to charitable activities are recognised when the charity has confirmation of both the amount and settlement date. In the event of amounts pledged but not received, the amount is accrued for where the receipt is considered probable. In the event that a donation or grant is subject to conditions that require a level of performance before the charity is entitled to the funds,
Action Medical Research Notes to the financial statements for the year ended 31 December 2025
the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.
Legacies are included in the statement of financial activities when the charity is entitled to the legacy, the executors have established that there are sufficient surplus assets in the estate to pay the legacy, and any conditions attached to the legacy are within the control of the charity.
Entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor to the charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor’s intention to make a distribution.
Where legacies have been notified to the charity, or the charity is aware of the granting of probate, but the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material. In the event that the gift is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition is subject to the value of the gift being reliably measurable with a degree of reasonable accuracy and the title of the asset having being transferred to the charity.
Investment income is recognised once the dividend or interest has been declared and notification has been received of the amount due.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.
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Action Medical Research Notes to the financial statements for the year ended 31 December 2025
Action Medical Research Notes to the financial statements for the year ended 31 December 2025
## e) Expenditure recognition
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to make a payment to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.
All expenditure is accounted for on an accrual basis. Expenditure comprises direct costs and support costs. All expenses, including support costs, are allocated or apportioned to the applicable expenditure headings. The classification between activities is as follows:
- Expenditure on raising funds include the salaries, direct costs and support costs associated with generating donated income, with the exception of small regional events where it is not practicable to separate costs from income, together with the fees paid to investment managers in connection with the management of the charity’s listed investments; and
- Expenditure on charitable activities includes all costs associated with furthering the charitable purposes of the charity through the provision of its charitable activities. Such costs include charitable grants and donations, direct and support costs including governance costs.
Grants are included in full in the statement of financial activities in the year in which they are awarded.
## Allocation of support and governance costs
Support costs represent indirect charitable expenditure. In order to carry out the primary purposes of the charity, it is necessary to provide support in the form of personnel development, financial procedures, provision of office services and equipment and a suitable working environment.
Governance costs comprise the costs involving the public accountability of the charity (including audit costs) and costs in respect to its compliance with regulation and good practice.
Support costs include the cost of running the administration, governance,finance and IT departments.
Support costs and governance costs are apportioned using percentages based on the time spent on the relevant activities by the employees of the charity.
## f) Fixed assets and depreciation
All assets costing more than £2,000 are capitalised. Fixed assets are depreciated over their estimated useful life. Furniture and equipment and motor vehicles are depreciated at the rates of 20% and 25% per annum on cost respectively. IT equipment is depreciated at 33% per annum on cost. Buildings are depreciated at 2% on cost.
## g) Investments
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their mid-market value as at the balance sheet date. Realised and unrealised gains (or losses) are credited (or debited) to the statement of financial activities in the year in which they arise. Alternative investments for which there is no readily identifiable market price are included at the most recent valuations from their respective managers.
Realised gains and losses represent the differences between individual investment disposal proceeds and the related opening market values, or costs if acquired in the year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value at that date. Realised and unrealised investment gains (or losses) are combined in the statement of financial activities and are credited (or debited) in the year in which they arise.
The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the at ude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub-sectors.
## h) Debtors
Debtors are recognised at their settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid. Debtors have been discounted to the present value of the future cash receipt where such discounting is material.
## i) Cash at bank and in hand
Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition. Deposits for more than three months but less than one year have been disclosed as short-term deposits. Cash placed on deposit for more than one year is disclosed as a fixed asset investment.
## j) Creditors and provisions
Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised at the amount the charity anticipates it will pay to settle the debt. They have been discounted to the present value of the future cash payment where such discounting is material.
## k) Fund structure
Unrestricted funds comprise amounts available for the general purposes of the charity. Designated funds are those funds set aside for future charitable commitments and expenditure in line with the charity’s purpose. Restricted funds are donations or legacies which are given by the donor for a specific purpose within the overall aims of Action Medical Research.
## l) Pension costs
The charity continues to operate a defined contribution scheme. Contributions to this scheme are charged as expenditure when they are payable. The charity’s contributions are restricted to the contributions disclosed in note 8. There were no outstanding contributions at the year end. The charity has no liability beyond making its contributions and paying across the deductions for the employees’ contributions.
## m) Subsidiary undertaking
The charity has one subsidiary undertaking, Action Medical Research (Trading) Limited. The company was dormant and closed during the year, effective from 1 January 2025 but deregistered by the Companies House in August 2025.
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## Action Medical Research Notes to the financial statements for the year ended 31 December 2025
## 3. Income
||**Unrestricted**|**Restricted**|**Total**|**Unrestricted**|**Restricted**|**Total**|
|---|---|---|---|---|---|---|
||**funds**|**funds**|**2025**|**funds**|**funds**|**2024**|
||£|£|£|£|£|£|
|3.1 Donatons and legacies|||||||
|Direct gifs from individuals|||||||
|and trusts|2,322,410|1,405,337|3,727,747|2,373,639|1,380,173|3,753,812|
|Legacies|85,934|122,113|208,047|345,542|48,849|394,391|
|Community and Events income|3,486,282|-|3,486,282|2,987,365|-|2,987,365|
||5,894,626|1,527,450|7,422,076|5,706,546|1,429,022|7,135,568|
|3.2 Investments|||||||
|Investment income|400,734|-|400,734|338,648|-|338,648|
||400,734|-|400,734|338,648|-|338,648|
|3.3 Charitable actvites|||||||
|Governmentgrant|-|-|-|-|706,543|706,543|
||-|-|-|-|706,543|706,543|
|**Total income**|6,295,360|1,527,450|7,822,810|6,045,194|2,135,565|8,180,759|
Donations Income received from supporters, local activities, trusts, regular donations and appeals. Legacies Income from legacies notified during the period that can be reasonably measured. Community and Events Income from events in UK and overseas organised on behalf of the charity. Government grant Income from government grant represents funding from Business, Energy and Industrial Strategy (BEIS) to help sustain early-career researchers supported by medical research charities.
## 4. Investment income
|**2025**|**2024**|
|---|---|
|£|£|
|UK equites
315,395|238,437|
|Bank deposit interest
85,339|100,211|
|||
|400,734|338,648|
## 5. Subsidiary undertaking
Trustees decided in the interests of simplification to close the dormant subsidiary company, Action Medical Research (Trading) Limited, with effect from 1 January 2025, deregistered by the Companies House in August 2025.
## Action Medical Research Notes to the financial statements for the year ended 31 December 2025
## 6. Expenditure
||**31 December 2025**
6.1 Raisingfunds
Cost of fundraising
Investment management costs
6.2 Charitable actvites
Grants for medical research
Medical research disseminaton
**Total expenditure**
**Direct**
**costs**
£
4,543,658
119,385
4,663,043
288,845
561,453
850,298
5,513,341
**Support**
**costs**
£
312,064
-
312,064
180,653
285,204
465,857
777,921
**Total**
**2025**
£
4,855,722
119,385
4,975,107
3,475,697
846,657
4,322,354
9,297,461
**Grant awards**
£
3,006,199
-
3,006,199
3,006,199
-
-
-
(note 18)|
|---|---|
|||
||**31 December 2024**
6.1 Raisingfunds
Cost of fundraising
Investment management costs
6.2 Charitable actvites
Grants for medical research
Medical research disseminaton
**Total expenditure**
**Direct**
**costs**
£
4,027,072
87,746
4,114,818
227,448
510,401
737,849
4,852,667
**Support**
**costs**
£
282,740
-
282,740
160,661
256,972
417,633
700,373
**Total**
**2024**
£
4,309,812
87,746
4,397,558
3,468,088
767,373
4,235,461
8,633,019
**Grant awards**
£
3,079,979
-
3,079,979
3,079,979
-
-
-
(note 18)|
|6.3 Expenditure include charges for:|**Total 2025**|**Total 2024**|
|---|---|---|
||£|£|
|Fees payable to the charity’s auditors for audit of the fnancial statements|24,294|23,640|
|Other feespayble to the charity’s auditors|6,654|8,652|
|Depreciaton (note 10)|38,708|35,384|
## 6.3 Expenditure include charges for:
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22
Action Medical Research Notes to the financial statements for the year ended 31 December 2025
Action Medical Research Notes to the financial statements for the year ended 31 December 2025
## 7. Support costs – general funds
|~~**Staf**~~|~~**Other**~~|~~**Total**~~|~~**Total**~~|
|---|---|---|---|
|**costs**|**overheads**|**2025**|**2024**|
|£|£|£|£|
|Cost of raisingfunds
109,597|202,467|312,064|282,740|
|Research
110,076|70,577|180,653|160,661|
|Medical research disseminaton
183,514|101,690|285,204|256,972|
|403,187|374,734|777,921|700,373|
Support costs include the cost of running the administration, governance, finance and IT departments. Support costs are apportioned using percentages based on the time spent on the relevant activities by the employees of the charity.
## 8. Analysis of staff costs – general funds
|**2025**|**2024**|
|---|---|
|£|£|
|Wages and salaries
1,772,582|1,695,444|
|Social securitycosts
213,395|171,090|
|Pension costs
98,081|94,644|
|Total
2,084,058|1,961,178|
The pension charge for the year comprises of Action Medical Research Group Personal Pension Plan which is a defined contribution scheme and the charge for the period represents those contributions payable to the scheme in respect of the accounting period.
The average number of full-time equivalent employees, analysed by function, was:
|**2025**|**2024**|
|---|---|
|Grant administraton
5|5|
|Medical research disseminaton
5|5|
|Fundraising
26|26|
|Support
5|5|
|Charity governance
1|1|
|42|42|
The average monthly headcount was 52 staff (2024 51).
The number of staff whose emoluments (including taxable benefits but excluding employer national insurance and pensions contributions) were over £60,000 fell within the following bands:
|**2025**|**2024**|
|---|---|
|£60,001 to £70,000
2|2|
|£70,001 to £80,000
1|2|
|£80,001 to £90,000
3|1|
|£100,001 to £110,000|1|
## 8. Analysis of staff costs (continued)
Contributions totalling £21,641 (2024 £17,386) were paid in the period to a defined contribution pension scheme in respect of the above employees.
The total remuneration (including taxable benefits, employer national insurance and pension contributions) of the key management personnel for the year was £438,559 (2024 £455,825).
## Trustee remuneration
No fees are paid to trustees for their services as board members (2025 £nil). Directly incurred expenses are reimbursed, if claimed. In the year to 31 December 2025 £nil was claimed (2024 £nil).
## 9. Transfers
During the year the charity was awarded grants from third parties to support specific research projects which had been funded in previous years from the charity’s unrestricted funds. These grants have been recorded as restricted income and then transferred to reflect the reimbursement from the restricted to unrestricted funds.
## 10. Tangible fixed assets
||**Fixtures and**|**Totals**|
|---|---|---|
||**ftngs**||
||£|£|
|**Costs**|||
|At 1 January2025|150,109|150,109|
|Additons|-|-|
|At 31 December 2025|150,109|150,109|
|**Depreciaton**|||
|At 1 January2025|69,326|69,326|
|Charge forperiod|38,708|38,708|
|At 31 December 2025|108,034|108,034|
|**Net book value at**|||
|**31 December 2025**|42,075|42,075|
|**Net book value at**|||
|**31 December 2024**|80,783|80,783|
All fixed assets are held for the charity’s own use.
## 11. Fixed asset investments
|2025|2024|
|---|---|
|£|£|
|Market value:||
|At 1 January
12,608,812|12,799,185|
|Net funds(withdrawn from)/invested inportolio
(503,989)|120,691|
|Realisedgains
29,785|14,396|
|Unrealisedgains /(losses)
1,018,976|(325,460)|
|Disposal of fxed-term deposit
(300,000)|-|
|At 31 December
12,843,584|12,608,812|
24
25
Action Medical Research Notes to the financial statements for the year ended 31 December 2025
Action Medical Research Notes to the financial statements for the year ended 31 December 2025
## 11. Fixed asset investments continued
||2025|2024|
|---|---|---|
|Unit trust investments|||
|CharityAsset Trust|11,015,283|10,470,511|
|Overseas equites|828|828|
|Unlisted investments|||
|Associated company (see below)|1,473|1,473|
|Fixed-term deposit|1,836,000|2,136,000|
||12,853,584|12,608,812|
|Cost of investments|12,026,628|12,681,447|
At 31 December 2025 listed investments included the following material individual holdings:
||Market value
of holding £|Percentage of
overall portolio|
|---|---|---|
|Rufer|European Account
828|0.01%|
|Rufer|Charity Asset Trust
11,015,283|99.99%|
Unlisted investments – associated company: this represents the charity’s 24.9% shareholding in Helpcards Limited. The principal activity of Helpcards Limited is the publishing of Christmas cards. Its turnover for the year ended 30 April 2025 was £110,272 (2024 £121,811) with a profit of £79,254 (2024 £89,500). The total distribution to the charitable company’s shareholders was £90,000 (2024 £110,000).
## 12. Debtors
||||**31 December 2025**|**31 December 2025**|**31 December 2024**|**31 December 2024**|**31 December 2024**|
|---|---|---|---|---|---|---|---|
|||||£|||£|
||Prepayments|||687,085|||743,609|
||Accrued income due within 1year|||660,471|||915,727|
||Accrued income due afer 1year|||231,929|||231,569|
||Other debtors|||68,082|||70,356|
||Income tax recoverable|||65,324|||28,104|
||||1,712,891|||1,989,365||
|13. Creditors||Amounts falling due
within one year||Amounts falling due
after more than one|||year|
|||**31 December**|**31 December**|**31 December**||**31**|**December**|
|||**2025**|**2024**||**2025**||**2024**|
|||£|£||£||£|
||Researchgrantspayable(note 16)|5,093,015|4,398,677|2,262,383||2,606,220||
||Trade creditors|728,536|789,578||-||-|
||Accruals|216,747|216,994||-||-|
||Taxaton and other social securitycosts|105,231|(1,084)||-||-|
||Deferred income|206,852|247,204||-||-|
||Total|6,350,381|5,651,369|2,262,383||2,606,220||
## 13. Creditors continued
## Deferred income movements
|**2025**|**2024**|
|---|---|
|£|£|
|Opening balance at 1 January 2025
247,204|146,579|
|Released in the year
(247,204)|(146,579)|
|New amounts deferred in the year
206,852|247,204|
|Closing balance at 31 December 2025
206,852|247,204|
At 31 December 2025, in addition to its tangible fixed asset and investment holdings and long term grant commitments, the charity had net current liabilities of £3.9m (2024 £2.9m). The trustees do not anticipate that this financial position will require a considerable drawdown from the investment portfolio in 2026 given that these short-term grant commitments will be partly met from future income and, furthermore, although technically falling due within one year, some of these grant commitments are likely to be paid after the 2026 financial year.
## 14. Related party transactions
At the meeting of trustees held on 29 April 2026 the trustees confirmed that, following appropriate enquiries, they were not aware of any related party transactions which required disclosure in the financial statements, but wished to disclose the following trustee and management connection:
Due to the nature of the charity’s operations and the composition of the trustees (some being drawn from medical or research organisations), it is possible that transactions may take place with organisations in which a trustee may have an interest, including the awarding of research grants (see note 18). All grant transactions involving organisations in which a trustee may have an interest are conducted at arms’ length and in accordance with the charity’s financial regulations and normal procedures. No such transactions were identified which should be disclosed under Financial Reporting Standard 102 Section 33.
One senior member of the charity’s executive management team also serves as non-executive director of Helpcards limited, a company partly owned by the charity. All transactions between Helpcards and the charity are conducted at arm’s length and in accordance with normal procedures. All such transactions are as disclosed in note 11 of these accounts.
Fundraising, sponsorship and donations totalling £11,740 (2024 £9,812) were received by the charity from trustees.
## 15. Restricted and designated funds
The charity receives restricted donations, legacies and events income to assist in the charity’s funding of specific research projects. In 2025 the total of this restricted income was £1,527,450 (2024 £2,135,565) and the amount utilised from this to fund the relevant research and other related costs was £578,878 (2024 £1,373,223). During the year, £948,572 (2024 £762,342) was transferred to unrestricted funds being a reimbursement of expenditure incurred for restricted fund purposes but met out of the unrestricted fund balances in the first instance.
At 31 December 2025 the charity had a nil balance in restricted funds (2024 £nil). The Designated Funds are to be spent over the next 10 years on: future new opportunities to develop medical research to help children (£2m); and on future infrastructure development (£93k).
26
27
Action Medical Research Notes to the financial statements for the year ended 31 December 2025
Action Medical Research Notes to the financial statements for the year ended 31 December 2025
## 15. Restricted and designated funds continued
## Funds balances at 31 December 2025 are represented by:
||**Unrestricted**|**Unrestricted**|**Restricted**|**31 Dec. 2025**|
|---|---|---|---|---|
||**General**|**Designated**||**Total funds**|
||£|£|£|£|
|Tangible and intangible fxed assets|-|42,075|-|42,075|
|Fixed asset investments|10,760,585|2,092,999|-|12,853,584|
|Net current liabilites|(3,933,992)|-|-|(3,933,992)|
|Long term liabilites|(2,262,383)|-|-|(2,262,383)|
|Total net assets|4,564,210|2,135,074|-|6,699,284|
Funds balances at 31 December 2024 are represented by:
|**Unrestricted**|**Unrestricted**|**Restricted**|**31 Dec. 2024**|
|---|---|---|---|
|**General**|**Designated**||**Total funds**|
|£|£|£|£|
|Tangible and intangible fxed assets
-|80,783|-|80,783|
|Fixed asset investments
10,470,812|2,138,001|-|12,608,813|
|Net current liabilites
(2,958,203)|-|-|(2,958,203)|
|Longterm liabilites
(2,606,220)|-|-|(2,606,220)|
|Total net assets
4,906,389|2,218,784|-|7,125,173|
## 16. Research grants
||31 December 2025|31 December 2024|
|---|---|---|
|Research grants payable|£|£|
|Amounts outstandingat 1 January|7,004,897|6,256,740|
|New researchgrants awarded(note 6)|3,006,199|3,079,979|
|Amountspaid duringtheyear|(2,655,698)|(2,331,822)|
|Amount outstanding at 31 December|7,355,398|7,004,897|
|The outstandingbalance ispayable:|||
|Within oneyear(note 13)|5,093,015|4,398,677|
|Afer more than oneyear(note 13)|2,262,383|2,606,220|
||7,355,398|7,004,897|
Analysis of awards made in 2025 – please see list on pages 29-30.
## 17. Reconciliation of movements on unrealised gains
|2025|2024|
|---|---|
|£|£|
|Unrealisedgains at 1 January
(72,635)|(163,141)|
|Add: in respect to disposals inyear
(119,385)|415,966|
|Add: netgains/(losses)arisingon revaluatons in theyear
1,018,976|(325,460)|
|Total unrealised gains at 31 December
826,956|(72,635)|
## 18. Analysis of awards made in 2025
|Institution|Title|Grant|
|---|---|---|
|||award £|
|University College London, Insttute of
Ophthalmology #|Blindness: discovering new
therapies for optc atrophy|£199,995|
|Imperial College London, Department of CF and
Chronic Lung Infecton, Natonal Heart and
Lung Insttute|Cystc Fibrosis:
Understanding outcomes for
children with an inconclusive|£199,181|
||diagnosis of CFSPID||
|University College London, Developmental Biology|Preterm birth:|£239,986|
|and Cancer #|Understanding the link with||
||fetal anomalies||
|King’s College London, School of Life Course
and Populaton Sciences #|Preterm birth: Developing
cell therapy to treat|£245,498|
||preterm birth||
|University College London, Insttute for|Brain injury at birth: Can|£199,997|
|Women’s Health #|melatonin or cooling help||
||in cases of mild newborn||
||brain injury?||
|Birmingham Women’s and Children’s
NHS Foundaton Trust|Polycystc Ovarian Syndrome
(PCOS): A feasibility trial to
help design a defnitve|£199,909|
||clinical trial to test the||
||efectveness of myo-inositol||
||as a treatment for adolescent||
||PCOS||
|University College London, Department of|Cystc fbrosis: Developing|£198,134|
|Neuroscience, Physiology and Pharmacology #|new drug treatments to
improve patent outcomes||
|University College London, Insttute of Child Health #|Rasmussen’s Encephalits:|£274,957|
||Uncovering early signs and||
||underlying causes of a rare||
||childhood epilepsy with
innovatve scientfc method||
|Royal Hospital for Children, Glasgow,
Department of Paediatric Endocrinology|Duchenne Muscular
Dystrophy: Creatng a Tool|£297,569|
||to Predict Spine Fractures in||
||Young People with DMD||
28
29
Action Medical Research Notes to the financial statements for the year ended 31 December 2025
## Advisory Committees serving Council of Trustees
## Analysis of awards made in 2025 continued
|Institution|Title|Grant|
|---|---|---|
|||award £|
|University of Oxford Department of Paediatrics|Post-operatve pain:|£274,752|
||Improving the assessment of
pain in infants afer surgery||
|University College London #|Viral respiratory infectons:
fnding efectve treatment|£199,422|
||for vulnerable children||
|University College London Great Ormond Street
Insttute of Child Health #|Non-Ketotc Hyperglycinemia
(NKH): developing new
treatments for life limitng|£199,704|
||inherited metabolic disease||
|Queen’s University Belfast Northern Ireland
Clinical Research Facility|Preventng vision loss by
testng strategies to improve|£199,963|
||glasses wear in children with
learning disabilites||
|University of Cambridge Cambridge Universites
Hospitals NHS Foundaton Trust #|Brain injury in newborn
babies: improving predicton|£114,974|
||and diagnosis through a new||
||cot side brain scanner||
|Newcastle University Centre for Cancer Wolfson
Childhood Cancer Research Centre|T-cell Acute Lymphoblastc
Leukaemia: Laboratory testng|£199,937|
||of new blockers of TALL||
||survival||
|Grants||£3,243,978|
|Grant adjustments||(£237,779)|
|Total grants spend 2025 (note 6)||£3,006,199|
# denotes a grant made to an institution with which a trustee, holding office at the time of the decision, had a related party connection. Any trustee with a related party connection is excluded from council decisions approving such grants.
## Investment and Audit Committee
Chair and Honorary Treasurer Richard Wild
Bhavin Patel
Risk Management Committee
Chair
Richard Stoneham-Buck
## Julie Buckler
Karen Last Kathy Harvey
## Steering Committee
## Chair
Luke Bordewich
Richard Wild Julie Buckler
## Marketing Insights Panel
## Chair
Tobin Aldrich
## Julie Buckler
Emily Casson Kate Cox Lewis Coghlin Clare Ferguson David Hammond David Haseler Robert MacDonald Rachel Molho Sarah Moss Richard Stoneham-Buck
## Scientific advisory panel
## Chair
Professor Stephanie Schorge PhD
Professor Simon Bailey MBChB MRCP (Paediatrics) PhD Professor Diana Baralle MBBS MD FRCP
Professor Joanne Blair MB; ChB MRCP MRCPCH MD Professor James Boardman MBBS MSc PhD
Professor Adnan Custovic MD PhD FRCP FMedSci Professor Deborah Gill PhD
Professor Ed Johnstone MBChB PhD MRCOG Professor Juan Kaski MD(Res) FRCP FESC
Professor Pablo Lamata PhD
Professor Robert McFarland MA MBBS PhD MRCP FRCPCH Associate Professor Nazima Pathan PhD FRCP
Professor Padmanabhan Ramnarayan MD FRCPCH FFICM
Professor Felicity Rose PhD FHEA
Dr Claire Thornton PhD Professor Brigitte Vollmer Dr. med PhD FRCPCH
30
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© Action Medical Research 2026
Action Medical Research is a registered charity: England and Wales no. 208701; Scotland no. SC039284
Cover photo: Ben Rector